Subject: Entrepreneurship, Innovation, and New Ventures
Assessment 1: Business Idea Generation and Evaluation of Feasibility (40%)
This assignment provides an opportunity to identify a real problem in the market or community, to create a range of ideas to solve this and to evaluate the feasibility of which idea to take forward to Assignment 2. This is an individual assignment.
Component 1: Business Idea Generation
Guided by the content of the lectures, workshop discussions, and the material outlined in the prescribed text, you are encouraged to identify a real problem in the market or community in which you live. In presenting the idea, please discuss the reason the innovation is required and provide a persuasive argument of the benefits to be generated by the new venture idea.
Component 2: Evaluation of Feasibility
Evaluation of feasibility focuses on both operational and ‘first-cut’ (high-level) financial feasibility. The lecture materials provide a guideline of what is to be considered in these evaluations.
Successful entrepreneurs and venture capitalists know that ideas are cheap. What matters to them is whether the idea solves a real problem in a feasible way.
Assessment 1 is to be written in a business report format and should not exceed 2000 words (excluding appendices and references). Please be sure to address the assessment criteria below and as they are elaborated in the marking rubric provided in the Assessment 1 folder in Moodle.
Upload assignment through Moodle by the specified due date. Guided by the principle of equity for all students, any late submissions will be penalised at the rate of 5% per day or part thereof.
Assessment Criteria (out of 100%):
Problem identification (20%)
Provision of three alternative ideas to solve the problem (15%)
Explain the benefits generated by each idea (15%)
Explanation of how the best idea was selected (10%)
Evaluation of the operational feasibility of the selected idea (10%)
Evaluation of the financial feasibility of the selected idea (10%)
Quality of written submission (10%)
Supporting evidence (Appendices that provide appropriate summaries of desk research, and other relevant materials) (10%)
Assessment 2: Business Model and Plan (60%)
This assessment allows you to gain ‘first-hand’ experience of activities that successful entrepreneurs are required to carry out: selecting an effective business model and writing a business plan for the business idea you developed in Assessment 1. This is an individual assessment.
The Business Model and Plan
Developing an idea into a successful business requires entrepreneurs to develop a robust business model and synthesize this into a well-enunciated business plan. In essence, the business model is the operational framework around which a business plan is written, and presents a clear, realistic and articulate explanation of how you plan to start and grow your business.
In accordance with the material outlined in the prescribed text, you are encouraged to take the business idea you developed in Assessment 1. If you have chosen to progress another idea due to lack of feasibility or improve on it due to feedback, please discuss with your lecturer prior to starting Assessment 2.
Assessment 2 should be no longer than 3000 words, excluding appendices and references. Please be sure to address the assessment criteria below and as they are elaborated in the marking rubric provided in the Assessment 2 folder in Moodle.
Upload assignment through Moodle by the specified due date. As with Assessment 1, any late submission will penalised at the rate of 5% per day or part thereof unless an extension has been approved by the unit coordinator.
Assessment Criteria (out of 100%):
A compelling explanation of the need for the new venture (10%)
A clear enunciation of the proposed business model (20%)
Clear explanation of how the business model aligns with and informs relevant business plan components (20%)
Application of business plan structure and components (10%)
Project Plan for the launch of a new venture (10%)
The enunciation of critical risks, problems, and assumptions associated with the business model and plan (10%)
Supporting evidence (Appendices that provide appropriate summaries of desk research, business model canvas, and other relevant materials (10%)
Quality of document evidenced by no spelling or grammatical errors, and correct use of APA referencing format (10%)
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